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Moody's Ratings on Wednesday said the Indian economy is expected to grow at a higher rate of 7 per cent in the current fiscal, led by broad-based economic momentum and energy supply shock resilience. In its Global Macro Outlook 2027-28, Moody's, however, said that near-term risks to growth persist as household consumption remains vulnerable to "intensifying and broadening price pressures", with headline inflation close to the upper end of the Reserve Bank of India's (RBI) 2-6 per cent target range, while a deficient southwest monsoon and strengthening El Nino conditions will weigh on agricultural output and rural demand. "India's broad-based economic momentum and demonstrated resilience to the energy supply shock warrant upward revisions to our 2026-27 growth forecasts to 7 per cent from 6.5 per cent," it said. Robust consumption, improving investment dynamics and strong macroeconomic fundamentals imply that the economy appears well positioned to sustain growth near 7 per cent over
Stunning allegations of a spy plot have prompted investigations of Nvidia CEO Jensen Huang's affair with a purported Chinese government agent. Over the weekend, Huang admitted to having an extramarital affair, and acknowledged that news reports surrounding the relationship and potential national security concerns led Nvidia's board to investigate. He and his chipmaking company did not name the person he had been intimate with, but The New York Times identified her as business executive and Chinese citizen Alice Huang. The outlet said US intelligence determined she was gathering information for Beijing. China's Foreign Ministry has dismissed the spying allegations, saying on Monday they amount to a smear campaign. Many questions remain unanswered. But the scandal is already bringing turmoil to Nvidia, whose high-end chips have emerged as the leading building blocks for artificial intelligence. Huang himself has become a key face in the AI race, both across the industry and often on U
Popular weight loss drugs including Ozempic and Wegovy will carry a new warning about a possible rare side effect that can sometimes lead to permanent vision loss, US health regulators announced Monday. The Food and Drug Administration said the risk will be added to the labeling of all GLP-1 drugs, the blockbuster medications used to treat obesity, diabetes and several other medical conditions. The class includes a dozen injectable or pill-based drugs, including widely used brands like Zepbound and Mounjaro. The eye condition, known as non-arteritic anterior ischemic optic neuropathy, can cause significant vision loss. The problem, which has been reported with all GLP-1 drugs, is caused by decreased blood flow to the optic nerve, although the underlying cause isn't understood, the FDA said. FDA scientists began looking into the problem after the publication of a 2024 medical paper tying the condition to certain patients taking semaglutide, the active drug in Eli Lilly's Ozempic. An
A huge explosion and fire at an iron and steelworks in western Turkiye left 16 people dead Monday, officials said. The fire at the HABAS plant in Aliaga, Izmir province, also injured 13 people, two of them critically, President Recep Tayyip Erdogan said in a televised address following a scheduled Cabinet meeting. "Judicial and administrative investigations have been launched into the explosion," Erdogan said. "The reasons and circumstances of this tragic event, which has deeply saddened our nation, as well as whose negligence was involved and who is responsible, will be revealed." Provincial Governor Suleyman Elban said that a crane fell into a furnace as it was replacing a boiler, causing an explosion in a nearby steel mill. There were 200 workers in the vicinity instead of the usual 300 because production had been halted for the boiler switch, he said. Earlier, broadcaster NTV showed images of the immediate aftermath of the explosion, with a large fire inside the facility and a
